# Tokenized Treasury Fund Yields

> Tokenized treasury yield by fund: realized 7-day and 30-day yields of BUIDL, BENJI, USYC, OUSG and USDY from on-chain NAV and dividend mints.

Markdown copy of https://voltfincrypto.com/apps/tokenized-treasury-fund-yields

**Question:** What yield has each tokenized Treasury fund paid over 7 and 30 days, based on its on-chain NAV or dividend mints?

- Kind: Table in Voltfin Strata
- Topic: [Tokenized assets](https://voltfincrypto.com/topics/rwa)
- Chains: Multi-chain, Ethereum, Stellar, Solana, Polygon, Arbitrum, Avalanche
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Tokenized Treasury funds pass on the yield of short-term government debt, but they pay it in two different ways. Stable-value funds such as BUIDL and BENJI keep each share at the same value and mint new tokens to holders; priced funds such as USYC and OUSG, and the USDY note, let the value of each token rise. This table measures the yield each one actually delivered, from whichever of the two shows up on-chain.

For priced tokens, realized yield is the change in on-chain NAV per share between two pinned blocks, annualized. For stable-value funds, it is the new shares minted to holders over the window as a share of the shares they already held. Issuer-stated yields, published off-chain, sit beside the measured ones so the gap can be read.

Sort by 30-day realized yield, filter by issuer or yield method and open any cell to see the reads behind it. Treasury managers, including DAOs that keep reserves in these funds, can compare what each fund paid on one basis.

## Blueprint

One row: One row per tokenized Treasury fund or note, on the latest complete day

- **Fund** (`fund`): The fund's token name and symbol, linked to its main contract.
- **Issuer** (`issuer`): The firm that manages the fund or issues the note.
- **Yield method** (`method`): How the fund pays yield: a rising NAV per share or dividends minted as new tokens.
- **Realized yield, 7 days** (`yield_7d`): Annualized yield over the last 7 days, from NAV change or dividend mints.
- **Realized yield, 30 days** (`yield_30d`): Annualized yield over the last 30 days, measured the same way.
- **Stated yield** (`stated_yield`): The issuer's published yield, with its date and source, labelled as off-chain.
- **NAV per share** (`nav`, USD): NAV per share at the day's last block from the on-chain oracle, or the stated stable value for stable-value funds.
- **Chains** (`chains`): The chains the fund's token is issued on.
- **NAV source** (`nav_source`): The oracle contract the NAV is read from, or that it is published off-chain only.
- **Receipt** (`receipt`): The blocks, hashes and reads behind the row's realized yields.

## How it will be measured

- For priced tokens (USYC, OUSG, USDY), realized yield is the change in NAV per share from the issuer's on-chain oracle between two pinned blocks, divided by the earlier NAV and annualized by the time between them.
- For stable-value funds (BUIDL, BENJI), realized yield is the shares minted to holders as dividends over the window, divided by the shares outstanding before them and annualized.
- Stated yields, such as an issuer's published 7-day yield, are recorded with their source and date and labelled as off-chain; they are never mixed into the measured columns.
- Yields are shown after the fees a fund deducts before setting its NAV or paying dividends, because that is what holders receive.
- Every measured figure carries a receipt: the two blocks, their hashes and the calls or logs behind them.

## Data it needs

- `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- `rwa_supply_daily` (to build): Supply and holders of tokenized treasuries, money-market funds, stocks, gold and credit per token and chain per day, with issuer and asset class.
- `token_transfers_daily` (to build): ERC-20 and native transfer counts, volume and unique senders and receivers per token per chain per day.
- Source: NAV oracle updates for USYC, OUSG and USDY at day-end blocks
- Source: BUIDL and BENJI dividend share mints, from Transfer logs from the zero address on distribution dates
- Source: Shares outstanding before each distribution, from totalSupply()
- Source: Issuer-published 7-day yields where no on-chain series exists (off-chain, recorded with source)
- Source: Block timestamps of each window's start and end blocks

## Questions

### What yield do tokenized treasuries pay?

Roughly the yield of short-term US government debt minus the fund's fees, so it moves with the policy rate. The table shows the yield each fund actually delivered over 7 and 30 days, measured on-chain, beside the yield its issuer states.

### Why do BUIDL and OUSG yields look different?

They pay in different ways and charge different fees. BUIDL mints new shares to holders at a stable value per share, while OUSG's price per share rises. Measuring both as realized yield over the same window puts them on one basis.

### What is the difference between realized yield and stated yield?

Realized yield is what holders actually earned between two dates, measured from on-chain NAV or dividend mints. Stated yield is the figure an issuer publishes, often a 7-day yield calculated under fund rules. They can differ because of timing, fees and how each is calculated.

### Is USDY a fund?

No. USDY is a tokenized note issued by Ondo and secured by short-term Treasuries and bank deposits. Its price rises as it accrues yield, so its realized yield is measured from its on-chain price in the same way as a priced fund's.

### Why does a fund's 7-day yield jump around?

Short windows are sensitive to when dividends are minted or NAV is updated. A fund that mints dividends once a month can show no yield in one week and a high figure in the next, so the 30-day column is the steadier comparison.

## Glossary

- **Realized yield**: The return holders actually received between two dates, measured from on-chain NAV or dividend mints and annualized.
- **Stated yield**: The yield an issuer publishes for its fund, often a 7-day yield calculated under fund rules, recorded here as off-chain.
- **NAV oracle**: A contract where an issuer publishes its fund's net asset value per share, so other contracts and readers can use it.
- **Dividend mint**: New fund tokens issued to holders to pay income, used by funds that keep a stable value per share.

## Related apps

- [Tokenized Treasuries Tracker: BUIDL, BENJI, USYC, OUSG](https://voltfincrypto.com/apps/tokenized-treasuries-tracker)
- [Tokenized Treasuries by Fund and Chain](https://voltfincrypto.com/apps/tokenized-treasuries-table)
- [BlackRock BUIDL Fund: Supply, Chains and Holders](https://voltfincrypto.com/apps/blackrock-buidl-fund-tracker)
- [Yield-Bearing Stablecoins Compared: APY and Supply](https://voltfincrypto.com/apps/yield-bearing-stablecoins-compared)
- [Stablecoin Lending Rates: USDC and USDT APY](https://voltfincrypto.com/apps/stablecoin-lending-rates)
- [Tokenized Gold Supply: XAUT vs PAXG](https://voltfincrypto.com/apps/tokenized-gold-xaut-paxg)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F